Comparing personal loans in Lincoln County, AR

Lincoln County, AR: the basics

With an estimated 12,950 residents (ACS 2020 to 2024), Lincoln County ranks 53rd of 75 in Arkansas for population. Land area is 559 square miles (2024 Gazetteer), so density runs near 23 per square mile. No metropolitan area includes Lincoln County in the 2023 federal delineation, so its numbers stand on their own rather than as part of a metro. Largest place: Star City, about 2,405 residents (19% of Lincoln County); 3 Census places in all.

Lincoln County income bands

$51,778 is the median household income for Lincoln County, set against $60,773 for Arkansas. That places it 37th among Arkansas's 75 county-level areas.

Some 35% of households here live on less than $35,000 a year; 23% have six-figure incomes. Census counts 15.4% of Lincoln County residents in poverty, against 16.0% across Arkansas. The Gini index of income inequality is 0.429 (0 is perfect equality). Income from any regular source can count, including Social Security, pensions and disability benefits, as long as you can document it.

Lincoln County's most unusual numbers

• The share of mobile homes: 29.0% in Lincoln County. Only 2 of 75 Arkansas counties are higher. Manufactured homes often do not qualify for home equity loans, so unsecured loans fill the gap.
• Few Arkansas counties match Lincoln County on the ACS unemployment rate: 2.7% here, 4.9% for the state, ranking 3rd lowest of 75. A tight job market helps steady income, but lenders still verify it.
• The share of adults with a bachelor's degree: 12% in Lincoln County. Only 5 of 75 Arkansas counties are lower. No degree is required for a personal loan; documented income is.

Lincoln County housing compared with Arkansas

A typical Lincoln County rental runs $744 a month including utilities, which is 21% below Arkansas. Cost-burdened renters, paying 30%-plus of income: 36% in Lincoln County, 45% statewide. With a median value of $108,000, a typical Lincoln County house costs 2.1 times what the median household earns in a year. In Lincoln County, 76% of occupied homes are owned by the people living in them. The median year built is 1984.

At a $108,000 median value, many Lincoln County owners hold equity. Using it lowers cost only if you can carry the risk (equity vs. unsecured).

The Lincoln County job picture

By the Census industry count, 29% of employed Lincoln County residents work in education and health care and 18% in manufacturing. Lincoln County over-indexes on agriculture, forestry and mining: 9% versus 2% in Arkansas. Averaged over the five survey years, 2.7% of the labor force was out of work and looking. About 83% drive to work alone and 9% have trips of 45 minutes or more. Households without a car make up 6.7% of the total (5.9% statewide).

Shorter commutes usually mean lower vehicle costs, which can leave more room for a payment, or for paying a loan off early.

Lincoln County towns compared

Here are the 3 most populous of the county's 3 Census places, with income and rent from the same 2020 to 2024 survey. About 25% of Lincoln County residents live in one of the 3. This guide covers each of the 3 places and the rural areas around them.

Counties near Lincoln County

The six counties whose centers lie closest to Lincoln County's, from 25 to 42 miles away. Income ranges from $37,662 in Desha County to $54,794 in Cleveland County; 2 of these neighbors top Lincoln County's median.

What the numbers mean for Lincoln County borrowers

A few patterns in the Lincoln County data, and the practical point behind each:

• Repairs on manufactured housing. With 29% of homes here, compare a personal loan with any dealer or park repair program.
• Getting ready. Gather pay stubs or benefit letters before you apply (checklist).
• Check your file. An error fixed before you apply can change the offers a Lincoln County borrower sees (free reports).

Lincoln County demographics against Arkansas

College graduates make up 12% of the adult population. 8.1% of residents have no health coverage.

Budget math at the Lincoln County median

How much room does a median Lincoln County budget have? Take median income, subtract median rent, and check what is left under a few common debt-to-income limits.

• $4,315 a month: gross income for a household at the Lincoln County median
• Rent at the median, $744, takes 17% of that
• 35% debt-to-income limit: $766 left for all other debt payments
• With a 45% ceiling, about $1,198 remains for car, card, student and any new loan payments

Lenders set their own limits and look beyond the ratio. The DTI calculator uses your figures instead of Lincoln County's.

Checklist for Lincoln County applicants

Before you apply, wherever you live in Lincoln County:

• Size the loan to the bill, not to the most a lender offers.
• Ask each lender for the APR and all fees in writing.
• Only work with lenders licensed for Arkansas borrowers.
• Ask about early-payoff penalties.

Arkansas lender licensing

The Arkansas State Bank Department is the place to verify any lender's Arkansas license. Banks and credit unions have their own regulators, and the CFPB takes complaints about any lender. Statewide data and rules: Arkansas guide.

Beyond Lincoln County

Next step up from Lincoln County:

• Arkansas state guide